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Former US Treasury Secretary Larry Summers: “Regulated” cryptocurrency is better than free paradise

Lawrence Summers, former Treasury Secretary during the Clinton administration and Director of the National Economic Council of the White House during the Obama administration, spoke about regulating cryptocurrencies in a recent interview. interview with Bloomberg on Friday (September 24th).

Lawrence Summers – Former Vice President of Development Economics and Chief Economist of the World Bank

For example, when asked why regulators around the world are “deeply skeptical” of cryptocurrencies, China is cracking down on crypto and mining activities. Summers says that the word “cryptocurrency” suggests a “desire to keep big financial stocks secret”:

“When large financial payments are made clandestinely, they are often referred to as money laundering, assisting criminal activities, defrauding innocent people.”

“The truth is that the aircraft industry would not exist without flight safety, no transportation system without the safety of car engines.”

Summers added that the blockchain-based payments industry “should be better regulated rather than trying to be a free-spirited paradise”.

“I think the crypto community needs to recognize this and work with governments. In my opinion, this industry can be one of the most important innovations. “

The former IMF official has also indicated that some believe that cryptocurrencies will be “a highway where we won’t have to enforce banking rules like KYC, move money freely and avoid taxes”.

“I see this as recognition that all industries must achieve.”

“You need a regulatory framework. Not only do they need it to protect consumers, they also need it to protect themselves. “

“Without a strong SEC, there would be no New York Stock Exchange as the center of the world stock market, even if people don’t like the regulations.”

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“The truth is that the aircraft industry would not exist without flight safety, no transportation system without the safety of car engines.” Summers added that the blockchain-based payments industry “should be better regulated rather than trying to be a free-spirited paradise”. “I think the crypto community needs to recognize this and work with governments. In my opinion, this industry can be one of the most important innovations. ” The former IMF official has also indicated that some believe that cryptocurrencies will be “a highway where we won’t have to enforce banking rules like KYC, move money freely and avoid taxes”. “The truth is that the aircraft industry would not exist without flight safety, no transportation system without the safety of car engines.” Summers added that the blockchain-based payments industry “should be better regulated rather than trying to be a free-spirited paradise”. “I think the crypto community needs to recognize this and work with governments. In my opinion, this industry can be one of the most important innovations. ” The former IMF official has also indicated that some believe that cryptocurrencies will be “a highway where we won’t have to enforce banking rules like KYC, move money freely and avoid taxes”. “The truth is that the aircraft industry would not exist without flight safety, no transportation system without the safety of car engines.” Summers added that the blockchain-based payments industry “should be better regulated rather than trying to be a free-spirited paradise”. “I think the crypto community needs to recognize this and work with governments. In my opinion, this industry can be one of the most important innovations. ” The former IMF official has also indicated that some believe that cryptocurrencies will be “a highway where we won’t have to enforce banking rules like KYC, move money freely and avoid taxes”. “The truth is that the aircraft industry would not exist without flight safety, no transportation system without the safety of car engines.” Summers added that the blockchain-based payments industry “should be better regulated rather than trying to be a free-spirited paradise”. “I think the crypto community needs to recognize this and work with governments. In my opinion, this industry can be one of the most important innovations. ” The former IMF official has also indicated that some believe that cryptocurrencies will be “a highway where we won’t have to enforce banking rules like KYC, move money freely and avoid taxes”.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.